| | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5604.62 | 6080.53 | 6701.46 | 7305.01 | | 收入增长率% | 9.24 | 8.49 | 10.21 | 9.01 | | 归母净利润(百万元) | 910.20 | 934.25 | 1066.13 | 1205.91 | | 利润增速% | 0.83 | 2.64 | 14.12 | 13.11 | | 毛利率% | 48.06 | 49.47 | 50.13 | 50.43 | | 摊薄 EPS(元) | 0.54 | 0.56 | 0.63 | 0.72 | | PE | 22.98 | 22.39 | 19.62 | 17.35 | | PB | 3.37 | 3.02 | 2.68 | 2.38 | | PS | 3.73 | 3.44 | 3.12 | 2.86 | | 华测检测(股票代码:300012.SZ) | | --- | | 市场数据 | 2025-02-05 | | --- | -- ...

证券代码：300012 证券简称：华测检测 公告编号：2025-004 华测检测认证集团股份有限公司 关于购买土地使用权暨投资建设项目进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、对外投资概述 华测检测认证集团股份有限公司（以下简称"公司"）于 2023 年 10 月 24 日召开第六届董事会第十次会议审议通过了《关于公司对外投资暨签署项目投资 协议的议案》。根据公司发展战略规划，董事会同意投资建设华测检测西南区综 合测试基地。具体内容详见公司 2023 年 10 月 25 日披露于巨潮资讯网的《关于 公司对外投资暨签署项目投资协议的公告》（公告编号：2023-072） 。 二、项目进展情况 近日，公司子公司四川华测检测技术有限公司按照法定程序参与了龙泉驿区 公共资源交易服务中心举办的龙泉驿区大面街道龙安社区八、九、十组（地块编 号：LGG2024-DM07(BZD））的国有建设用地使用权挂牌出让活动，以人民币 885.0222万元竞得该地块使用权，并签署了《成交确认书》以及《国有建设用地 使用权出让合同》，合同编号：510112-2025- ...

证券代码：300012 证券简称：华测检测 公告编号：2025-003 华测检测认证集团股份有限公司 关于回购股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 （2）不得在深交所开盘集合竞价、收盘集合竞价及股票价格无涨跌幅限制 的交易日内进行股份回购的委托； 华测检测认证集团股份有限公司（以下简称"公司"）于 2024 年 7 月 2 日 召开第六届董事会第十六次会议审议通过了《关于回购公司股份方案的议案》， 公司计划使用自有资金以集中竞价方式回购公司股份，回购的公司股份用于员工 持股计划或股权激励。本次拟回购股份数量为 200 万股-300 万股，回购股份价格 不超过人民币 16.83 元/股，按照回购数量上限 300 万股和回购价格上限 16.83 元/ 股的条件下测算，预计回购金额不超过 5,049 万元，具体回购股份的数量以回购 结束时实际回购的股份数量为准。本次回购实施期限为自公司董事会审议通过本 次回购股份方案之日起不超过 12 个月。具体内容详见公司 2024 年 7 月 3 日、2024 年 7 月 5 日在巨潮资讯网（http: ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 16.90 [7]. Core Views - The company has experienced revenue growth in 4Q24, with a year-on-year increase of 10.6% to RMB 1.68 billion, driven by stable growth in its advantageous sectors such as life sciences and trade assurance [2]. - The net profit margin for 4Q24 improved year-on-year by 0.02 percentage points to 11.1%, with a forecasted recovery in profitability for 2025-2026 [3]. - The company has completed three acquisitions since 4Q24, which are expected to enhance its capabilities in environmental, electronic, and consumer product testing [4]. Summary by Sections Revenue and Profitability - The company's revenue for 2024-2026 has been revised down by 6.7%, 7.3%, and 6.6% to RMB 9.34 billion, RMB 10.90 billion, and RMB 12.24 billion respectively, with expected growth of 10% in 2025 [1][5]. - The net profit margin is projected to recover to 16.4% and 16.8% in 2025 and 2026 respectively, supported by scale effects and digital efficiency improvements [3]. Acquisitions and Growth Potential - The company has successfully completed three acquisitions, which are anticipated to enhance its testing capabilities in marine environmental services, PCB testing, and electric bicycle components [4]. Valuation and Market Comparison - The company's expected PE for 2025 is 26x, which is lower than the average of comparable companies, while its ROE is significantly higher than the average [5][18].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a total revenue of 6.08 billion yuan in 2024, representing an 8.49% year-on-year growth, with a net profit attributable to shareholders of 934 million yuan, up 2.64% year-on-year [1]. - The company is actively pursuing strategic mergers and acquisitions and international expansion to enhance its core competitiveness [2][3]. - The company plans to implement the "123 strategy" in 2025, focusing on maintaining stable operations in traditional businesses, investing in new projects, and exploring new fields and technologies [3]. Financial Performance - In Q4 2024, the company reported revenue of 1.685 billion yuan, a 10.6% increase year-on-year, and a net profit of 188 million yuan, up 11% year-on-year [1]. - The gross profit margin for 2024 was 49.5%, with a net profit margin of 15.4% [1]. - The company expects net profits to grow to 1.09 billion yuan in 2025 and 1.25 billion yuan in 2026, reflecting growth rates of 16.3% and 14.6%, respectively [4]. Strategic Initiatives - The company is focusing on innovation to drive business growth in traditional sectors such as life sciences and trade assurance [2]. - Recent acquisitions include a 70% stake in Changzhou Honghai to expand into the electric bicycle testing sector and a 51% stake in Changzhou Microtech to enhance PCB testing services [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][14]. Core Views - The company reported a revenue of 6.08 billion yuan for 2024, representing a year-on-year growth of 8.49%, while the net profit attributable to shareholders increased by 2.64% to 934 million yuan. The non-recurring profit also showed a significant increase of 11.39% [1][3]. - The company is actively pursuing strategic acquisitions, including a 51% stake in Changzhou Microtech and a 70% stake in Changzhou Honghai, which are expected to enhance its capabilities in the electronic materials and electric bicycle testing sectors [2]. - The company has initiated a share buyback program aimed at employee stock ownership plans, having repurchased 1.2 million shares, which is 0.0713% of the total share capital, to strengthen its long-term development [3]. Financial Performance Summary - For 2024, the company achieved a revenue of 6.08 billion yuan, with a year-on-year growth of 8.49%. The net profit attributable to shareholders was 934 million yuan, reflecting a growth of 2.64%. The non-recurring profit was 873 million yuan, up by 11.39% [1][5]. - The projected net profits for 2024, 2025, and 2026 are 934 million yuan, 1.05 billion yuan, and 1.20 billion yuan, respectively, with corresponding PE ratios of 22, 20, and 17 [3][5]. - The company maintains a gross margin of approximately 49.47% and a net profit margin of 15.36% for the year [1].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a steady revenue growth of 8.49% year-on-year, achieving a total revenue of 6.08 billion yuan in 2024. The net profit attributable to shareholders increased by 2.64% to 934 million yuan, while the net profit excluding non-recurring items rose by 11.39% to 873 million yuan [4][6]. - The gross margin improved by 1.41 percentage points, indicating enhanced profitability. The company is expected to continue its robust growth trajectory as a leading comprehensive testing firm [4][6]. Summary by Relevant Sections Revenue and Profitability - In 2024, the company achieved a revenue of 6.08 billion yuan, with a year-on-year increase of 8.49%. The net profit attributable to shareholders was 934 million yuan, up 2.64%, and the net profit excluding non-recurring items was 873 million yuan, reflecting an increase of 11.39% [4][6]. - The fourth quarter of 2024 saw a revenue of 1.685 billion yuan, a year-on-year increase of 10.59%, with a net profit of 188 million yuan, up 10.75% [4][6]. Business Segments - The company’s growth is driven by several business segments: 1. Life Sciences: Significant contributions from environmental and food testing, with new growth from marine environment monitoring. 2. Industrial Testing: Upgrades in construction testing and improved gross margins. 3. Consumer Goods Testing: Stable growth in electronics and automotive sectors despite challenges in medical device classifications. 4. Trade Assurance: Maintaining competitive advantages in niche markets and expanding overseas client base. 5. Medical and Pharmaceutical: Positive trends in CMC research and medical device sectors despite regulatory impacts [4][6]. Mergers and Acquisitions - The company has actively pursued external acquisitions, successfully acquiring several firms in 2024 to enhance its testing capabilities and international presence [4][6]. Financial Forecast - The company is projected to achieve revenues of 6.605 billion yuan and 7.189 billion yuan in 2025 and 2026, respectively, with corresponding net profits of 1.037 billion yuan and 1.145 billion yuan. The expected price-to-earnings ratios are 19.1x and 17.3x for 2025 and 2026 [4][6].

Investment Rating - Maintain "Overweight" rating [1] Core Views - The company's performance in 2024 is stable with steady growth in revenue and net profit [2] - The company's gross margin has improved slightly, and the efficiency of lean management is significant [3] - The company's forward-looking emerging business layout and internationalization strategy support long-term growth [4] Financial Performance - 2024 revenue is expected to reach 6,081 million yuan, a year-on-year increase of 8.5% [2] - 2024 net profit attributable to the parent company is expected to be 934.25 million yuan, a year-on-year increase of 2.6% [1] - 2024 Q4 revenue is 1.7 billion yuan, a year-on-year increase of 10.6%, and net profit attributable to the parent company is 190 million yuan, a year-on-year increase of 10.8% [2] - 2024 gross margin is 49.5%, an increase of 1.4 percentage points year-on-year [3] - 2024 Q4 gross margin is 45.8%, an increase of 4.0 percentage points year-on-year [3] Business Strategy - The company maintains a competitive advantage in traditional fields such as life sciences and trade assurance, while actively exploring emerging market demands such as pet food and new energy [2] - The company is strategically investing in semiconductor testing and low-altitude economy sectors to create a second growth curve [4] - The company is expanding its international presence through acquisitions, such as Maritec in Singapore and Yima in Germany, to enhance its global influence [4] Market and Industry Outlook - The domestic demand for third-party testing services is under pressure, but the company's leading position and alpha attributes are evident [2] - With the adjustment of macroeconomic policies and the introduction of incremental policies, the demand for testing services is expected to recover, supporting the company's performance growth in 2025 [2] Financial Forecasts - 2025 revenue is expected to reach 6,687 million yuan, a year-on-year increase of 9.97% [1] - 2025 net profit attributable to the parent company is expected to be 1,097.26 million yuan, a year-on-year increase of 17.45% [1] - 2026 revenue is expected to reach 7,463 million yuan, a year-on-year increase of 11.61% [1] - 2026 net profit attributable to the parent company is expected to be 1,280.65 million yuan, a year-on-year increase of 16.71% [1] Valuation Metrics - Current P/E ratio is 21.82x for 2023, expected to decrease to 15.51x by 2026 [1] - Current P/B ratio is 3.20x, expected to decrease to 2.09x by 2026 [10]

Financial Performance - Total revenue for 2024 reached ¥608,052.55 million, an increase of 8.49% compared to ¥560,462.45 million in the previous year[4] - Net profit attributable to shareholders of the parent company was ¥93,425.31 million, up 2.64% from ¥91,020.35 million year-on-year[4] - The net profit after deducting non-recurring gains and losses increased by 11.39% to ¥87,299.69 million from ¥78,372.92 million[4] - In Q4 2024, total revenue was ¥168,452.71 million, reflecting a year-on-year growth of 10.59%[5] - The net profit attributable to shareholders of the parent company in Q4 was ¥18,755.35 million, a 10.75% increase from ¥16,935.31 million in the same period last year[5] Profitability Metrics - The comprehensive gross profit margin improved by 1.41% compared to the previous year, with a notable increase of 3.95% in Q4[6] - Non-recurring gains and losses impacted net profit by approximately ¥61.26 million, a decrease from ¥126 million in the previous year due to reduced government subsidies[6] - The weighted average return on net assets decreased by 1.29 percentage points to 14.26% from 15.55%[4] Strategic Focus - The company is focusing on sustainable growth and operational efficiency through innovation and strategic acquisitions to enhance its core competitiveness[6] Asset Management - Total assets at the end of the reporting period were ¥941,129.19 million, up 7.57% from ¥874,911.41 million at the beginning of the period[4]

Core Viewpoint - The successful completion of the equity transfer of 70% stake in Jiangsu Honghai Vehicle Testing Co., Ltd. marks a strategic collaboration aimed at enhancing professional testing services for the electric bicycle market in China [1] Company Summary - The equity transfer ceremony took place in Changzhou, Jiangsu, on January 6 [1] - The collaboration will leverage resource advantages to support the healthy development of the electric bicycle market [1] Industry Summary - China is a major producer and consumer of electric bicycles, with a total ownership of 350 million units [1] - In 2023, large-scale enterprises produced a cumulative total of 42.28 million electric bicycles, highlighting the significance of electric bicycles as an important mode of transportation for short-distance travel [1]